CEO Ian Stalker remarked, “The company is delighted to note the higher-grade intercepts in these latest drill holes that will add ‘quality’ ounces to our ‘new’ resource inventory. We anticipate receiving the assay results from the final 5 holes of the 2011 program by the end of January. The drilling (14,418 metres in 37 holes) completed in 2011, along with the historic holes (108 holes in 22,446 metres) will be used to complete an updated NI 43-101-compliant resource for our São Jorge project early in 2012. We intend to mine our São Jorge deposit by a traditional open-pit approach with indications from our preliminary economic assessment of a stripping ratio of approximately 4 to 1 waste to ore. It is positive to note that the deposit as currently known is open along strike and at depth, but equally important is the new geophysical targets identified along strike of São Jorge to the southeast. These targets are currently being refined and will be drill tested throughout the year. The target has a similar footprint of the existing deposit, i.e. 1.4 kilometres in potential strike length.”